Power Play: Will China's currency devaluation impact the Fed

Workers in a clothing factory in Bozhou, China.
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China's currency devaluation roiling the markets, raising doubts about a Fed rate hike in September.

Burt White, chief investment officer at LPL Financial, tells CNBC's "Power Lunch" on Wednesday China is something the Fed is watching.

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"Mildly dovish comments from Federal Reserve Vice Chair Stanley Fischer moderated September Fed rate hike expectations, but futures still imply a probability of just over 50 percent," White said.

He believes liftoff won't happen until December.

"Given the slowing Chinese economy, lower inflation expectations and lack of broad wage pressures, the Fed will have to carefully articulate the justification of a September hike," White said.